2014 News Archive
 

2014 News Archive

Sales Tax Revenue Surge Creates Need for Greater Practitioner Expertise

State regulators are now collecting nearly $400 billion in sales tax as compared to 2003 when they collected just over $250 billion. This growing trend is a consequence of complex regulations, and new business models and technologies, according...

SEC Moves to Facilitate XBRL Analysis

The Securities and Exchange Commission has launched a pilot program aimed at simplifying investor analysis and comparisons of public company financial statement data using Extensible Business Reporting Language, or XBRL, and other types of data....

1 in 5 Firms Expects Double Digit Growth in 2015

In a recent poll, just over one in every five CPA firms (22%) indicated that they expect revenue growth of more than 10 percent in the new year. Firms with revenues under $200,000 are even more optimistic, with 24.1% expecting double-digit...

IRS Releases New Publication Explaining Obamacare

The Internal Revenue Service has issued a new publication to help taxpayers better understand how the Affordable Care Act affects their taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families is now available on...

SEC Nudges Companies on Cash Flows

The Securities and Exchange Commission is calling on companies to tighten accounting procedures and controls pertaining to statement of cash flows, amid a steady rise in restatements associated with that rather nettlesome financial document. Kirk...

FASB Issues Accounting Alternative for Private Companies on Intangible Assets in Business Combinations

The Financial Accounting Standards Board (FASB) today issued guidance intended to improve private company financial reporting regarding accounting for identifiable intangible assets in a business combination. FASB Accounting Standards Update No....

2015 GAAP Financial Reporting Taxonomy Now Available

The Financial Accounting Standards Board ( FASB ) announced the availability of the 2015 GAAP Financial Reporting Taxonomy (Taxonomy) pending final acceptance by the U.S. Securities and Exchange Commission ( SEC ). Read more at FASB.org .

Accountants Targeted in Wave of Wire Transfer Scams

In the past few months there has been a significant increase in the frequency of wire transfer scam attacks against accounting firms, according to Rickard Jorgensen, president of Jorgensen & Company, with more than a dozen CPA firms...

New law creates tax favored savings accounts for disabled taxpayers

As part of the larger tax extender legislation passed on Tuesday, Congress approved the Achieving a Better Life Experience (ABLE) Act of 2014 (H.R. 647), which will allow disabled individuals to save money to pay for their disability expenses in...

Congress Requires Self Preparers and Consumer Tax Software to Check for Improper Tax Credits

The $1.1 trillion spending bill passed by Congress this week and signed into law by President Obama on Tuesday contains a provision directing the Treasury Department to implement uniform standards for taxpayers claiming refundable credits such as...